Today we explore why young Australians are increasingly delaying their dreams of homeownership. We've all heard about skyrocketing property prices and the challenges of securing a mortgage but, as you’ll hear, there's more to the story than just affordability. Sure property prices present a significant barrier, but we also examine lifestyle changes, such as extended periods in education and the prioritisation of experiences over material possessions, reshaping the housing market landscape. We also discuss demographic shifts, including the transition of millennials from urban rentals to suburban family homes, and highlights the rise of build-to-rent and co-living spaces. Unlocking Homeownership: Challenges for Young Australians In this conversation, we explore demographic shifts, financial hurdles, and lifestyle changes transforming the housing market landscape for millennials and beyond. Join us as we unpack the complex factors contributing to delayed homeownership and offer potential solutions to navigate these challenges. ● Soaring property costs compared to median income, now seven to eight times versus 2.6 times in the early 80s ● Lifestyle changes, including longer periods in education and prioritization of experiences over material possessions ● The search for meaning in life by the younger generations ● Higher mobility in the younger generations ● Millennials moving from urban rentals to suburban family-sized homes, increasing demand for three and four-bedroom properties ● Transformations in the rental market, including the rise of build-to-rent and co-living spaces ● Comparison of institutional investment in rental housing versus traditional "mom and dad" landlord model ● Government's critical role in addressing housing affordability and ensuring financial security in retirement ● Innovative strategies like 'rent vesting' as potential solutions for easing housing supply shortages From understanding the evolving priorities of younger generations to advocating for effective policy changes, this episode is a must-listen for those looking to navigate the complex housing landscape. Links and Resources: About Simon Kuestenmacher Simon Kuestenmacher is co-founder and Director – The Demographics Group Simon is a prolific media commentator on demographic and data matters and a columnist for The New Daily and The Australian newspapers. He ranks as one of the world’s Top 10 influencers in data visualisation. If you can’t get enough of the kind of data that explains how the world works, make sure to follow Simon on Linked In or X (formerly Twitter) or any of his other social channels. Click here for a media enquiry or if you would like to book Simon Kuestenmacher for a speaking engagement. His presentations and quirky observations are enjoyed by audiences from the financial services, property, government, education, technology, retail and professional services industries, among others. About Michael Yardney Michael Yardney- founder Metropole Property Strategists has been voted one of Australia’s 50 most influential Thought Leaders. While he is best known as a property expert, Michael is also Australia’s leading expert in the psychology of success and wealth creation. Michael is a #1 best selling author of 9 books and frequently challenges traditional finance advice with innovative ideas on property investment, personal finance and wealth creation. Follow Michael on Linked In or Instagram Are you interested in property investment - let the team at Metropole build you a Strategic Property Plan to help give you clarity, direction and wealth-producing results. Some of our favorite quotes from the show: “So, the meaning of life, then, must come from somewhere else, and this is where the whole narrative came from. It started really at scale with the millennials, where they said hey if I don't find meaning in religion, if I don't start a family, where does meaning of life come from?” - Simon Kuestenmacher “One of the things that the younger generation seem to have is more career mobility, more flexibility, and I guess this is one of the reasons that they don't put down their roots early on because they don't know where they're going to be.” - Michael Yardney “The government post-war did a lot of property development. They own land, they don't have to pay stamp duty. They could do it at scale today, but I guess, like most things, they may not do it as efficiently as private enterprise.” - Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on your favourite podcast app.
